Manager, Underwriting
Salary

The majority of Managers of Underwriting in the United States — roughly three in four — boast more than 10 years of experience in their profession. Salaries stretch from $58K to $134K per year, and the median is $85K annually. Final cash compensation to Managers of Underwriting varies from around $58K to approximately $134K; choice pay grades include potential for bonuses and profit sharing as high as $20K and $15K, respectively. Career duration is the biggest factor affecting pay for this group, followed by geography. Job satisfaction for Managers of Underwriting is high. Women make up a slight majority of Managers of Underwriting (53 percent) survey respondents. Most report receiving medical coverage from their employers and a strong majority collect dental insurance. The figures in this rundown are based on the results of PayScale's salary questionnaire.

XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).

Job Description for Manager, Underwriting

An underwriting manager manages the process of ascertaining client eligibility; that is, they supervise the employees who work directly with clients to assess whether or not they are qualified to receive the company's product. The manager might also work directly with clients. Most often, underwriting refers to the business conducted by financial institutes such as banks, credit unions, and other lenders; underwriting is also common in the insurance and real estate industries. An underwriting manager typically has his or her own office and spends the day working directly with other employees and/or clients. They verify employment documents, perform background checks, assess eligibility and risks, and prepare paperwork. The underwriting manager is responsible for making eligibility decisions as well.

The underwriting manager must have excellent interpersonal and customer service skills, and they must be able to efficiently communicate with and delegate to employees. To succeed in underwriting, the manager must be able to communicate effectively in verbal, nonverbal, and written forms. Relevant formal education is generally not required to be a manager in this field; however, a postsecondary degree in finance, business, or a related field may be preferred. Often, a high-performing underwriting manager may be promoted to higher-level managerial positions.

Manager, Underwriting Tasks

Respond to requests from loan officers and underwriters, and serve as the technical expert on issues such as risk analysis, rate development, and general underwriting responsibilities.

Manage the profit, growth, and retention of assigned business segments, and develop and oversee account earning plans.

Establish key contacts and positive relationships with customers.

Recruit, manage, train, and evaluate the underwriting staff.

Assist in the development of agency objectives and budgets.

Common Career Paths for Manager, Underwriting

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While not commonly seen, Managers of Underwriting who transition into a VP of Underwriting position may see a rise in pay. The median salary for VPs of Underwriting is $129K per year. An Underwriting Director role is the most common promotion for Managers of Underwriting moving up the ladder, and pay for the position tends to be around the $114K mark. Another typical, albeit less common, transition for Managers of Underwriting is a Mortgage Loan Underwriter position, where earnings are usually $54K.

Manager, Underwriting Job Listings

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This chart shows the most popular skills for this job and what effect each skill has on pay.

Managers of Underwriting report using a diverse set of skills on the job. Most notably, skills in People Management, Financial Analysis, Insurance, and Loan Underwriting are correlated to pay that is above average, with boosts between 10 percent and 13 percent. Skills that are correlated to lower pay, on the other hand, include Customer Relationship Management, Mortgage Loans, and Risk Management / Risk Control. Financial Analysis and Insurance are also commonly seen together.

Pay by Experience Level for Manager, Underwriting

Median of all compensation (including tips, bonus, and overtime) by years of experience.

Experience and income seem to be closely related; in general, the survey respondents who had worked for more years reported higher incomes. Survey participants with less than five years' experience pocket $65K on average, but those with five to 10 years of experience enjoy a much bigger median of $83K. Managers of Underwriting who work for 10 to 20 years in their occupation tend to earn about $93K. Managers of Underwriting with more than 20 years of experience report incomes that are only modestly higher; the median for these old hands hovers around $100K.